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Problem 1: Jacob, Santos and Hervas, partners, share net income and losses in the ratio of 5:3:2. The partners decided to liquidate the partnership. Their Statement of Financial Position follows: Assets Liabilities and Capital Cash P 40,000 Liabilities P 60,000 Other assets 210,000 Jacob, loan 8,000 Jacob, capital 40,000 Santos, capital 72,000 Hervas, capital 70,000 Total Assets P250,000 Total P250,000 3. The partnership is to be liquidated by installment. The first sale of non-cash assets with a carrying amount of P120,000 realized P90,000. Liquidation expenses paid amounted to P2,000. How much cash should be distributed to Hervas?
A. P45,600
B. P63,600
C. P28,400
D. P40,400
E. None of the above
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